A just-released quarterly report from Ripple, outlining, among other things, XRP turnover information, reveals that the ODL solution grew as expected in Q1 2023. The banking crisis appeared to have no impact on the company’s global operations.
ODL is operating resiliently
Against the destructive effects of the U.S. banking crisis, Ripple’s On-Demand Liquidity (ODL) operations managed to maintain excellent results. Thus, the Silicon Valley-based company can count the beginning of the year as a success. The Q1 2023 report on the XRP market revealed that the company’s total ODL sales amounted to $2.93 billion in XRP value.
Although there was a slight decrease of 1.1% from the previous quarter, it is worth noting that ODL’s sales totaled $2.93 billion in Q1 2023, compared to $2.96 billion in Q4 2022. The minimal difference underscores ODL’s resilience and Ripple’s perseverance during this very difficult period.
It should be recalled that Brad Garlinghouse, Ripple’s CEO, previously confirmed that the company has “some exposure” to Silicon Valley Bank, which has collapsed. However, he also noted that Ripple nevertheless continues to enjoy a “strong financial position.”
In his words: “We are determined to continue our mission of enabling real-time global payments, and On-Demand Liquidity is a key component of our strategy.”
Ripple and XRP show high resilience
In March, in a moment of uncertainty over the collapses of three US banks, Ripple suspended its recurring XRP purchases for several days. Recall that the company has clear operating principles according to which its business partners are fed by trading from the escrow portfolio. Meanwhile, purchases to supplement its internal operations, Ripple makes from the open market.
In the first quarter of 2023, Ripple acquired XRP worth $2.57 billion, which translated into net sales of this asset equivalent to $361.06 million. This demonstrates the resilience of ODL and Ripple to the prevailing market difficulties.
The report mentions the SEC case
Ripple representatives in their report indicated that problems in the banking sector, in the coming months, may continue. They also noted the pending verdict in a lawsuit with the SEC, which has been pending for more than two years. The company is looking forward with hope to a final verdict in 2023, but realizes that everything depends on the court. At the same time, Ripple aims to continue its business despite the difficulties arising from the court dispute.
